Updates from 09th May, 2017
Finance Minister Mr. Arun Jaitley gave a statement saying that quarterly return filings could not be made possible for all taxpayers, as the input tax credit flow will suffer if this is made the norm. As per the GST law, only those taxpayers whose annual turnover is less than INR 50 lakhs can avail of quarterly return filing under the Composition Scheme.
However, these taxpayers will not be able to claim any input tax credit. Mr. Jaitley also refuted the claim that the GST law has increased the number of returns needed to be filed. Every taxpayer has to file an initial return on the 10th of every month, and the other two returns will be auto populated.
As reported in Economic Times